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unclemurdy

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1 open acct. how fast will my credit score rise w/credit card history?
I owe 2245.00 it drops off in 3 yrs, I haven't paid a penny on this open acct....I realize once I begin pymts. I am commited for another 7 yrs,...Other than no credit history ,no credit cards, nothing....this is my credit history, currently my score is 549,.....my question is...should I let the 2245 drop off or begin a pymt. plan w/ them? my goal is to raise my credit score thanks

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First off, if you make a payment that does NOT start the 7 year clock over again (I've read FCRA carefully, and John Ulzheimer also states this is true).  The 7 year clock CANNOT be re-set.  In any case, you need to get some good credit, try a secured credit card or visit your local credit union for a Credit Builder Loan.  Best of luck!

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